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This paper reviews the current state of economic and econometric research in the modeling of commodity markets and their role in economic development. The application of statistical methods to commodity markets and prices has been limited because of the erratic behavior of both prices and supplies over time. Nonetheless, a very rich field for modeling and forecasting has grown over time. This research began with the analysis of agricultural demand, supply, and prices in a market context and was later extended to the mineral and energy sectors. These models not only analyzed market history but also evaluated commodity policies and forecast commodity prices. This paper first provides a perspective on the current status of this research and then offers directions for future research.